If you are a boat owner, the Policy Source serving Austin, TX would like you to know about the types of boat insurance plans available to you.
Types of Physical Damage Policies
If your boat is damaged or destroyed, there are three main types of boat insurance policies available to choose from that will protect you financially from this.
Replacement Cost Insurance Policy
This policy pays to repair or replace your boat.
Actual Cash Value Policy
This type of policy pays to repair or replace your boat subject to depreciation. That means it will pay equal to the boat’s current value on the current market.
Agreed Amount Value Policy
This type of policy pays to repair or replace your boat at the set value specified in your boat insurance policy.
When reviewing your boat insurance options, check whether your boat is covered when it is not on the water and is being stored or transported.
Other Types of Boat Insurance
While you would insure a boat the same way you would insure your house or car, there are additional considerations.
Liability Insurance
Liability insurance is always a big one. Ensure that you are adequately covered if someone is injured due to an accident on the water. Your liability insurance should include a section for property damage if you hit another boat or the dock and cause damage to someone’s property.
Insurance for specific perils
Perils like windstorms, hail, and hurricanes are not usually included in your standard boat insurance policy and may require an add-on purchase.
Like contents coverage for a homeowners policy, check whether you need additional insurance to cover the boat’s contents on an all-risk basis.
Contact us!
Speak to the professional people at the Policy Source serving Austin, TX, about your boat insurance requirements today!